The Romanian Power Grid Company Transelectrica in the first half of the year generated net income worth approximately 110m RON (31m euros), more than its entire 2005 profit (29.2m euros).
Starting Friday, Transelectrica shares will be traded on the first tier of the Bucharest Stock Exchange, in line with a decision by the BSE Committee.
"The company's turnover in H1 amounted to 1.16bn RON (327m euros), while gross income reached 135m RON (38.1m euros)," said Razvan Purdila, manager of the Capital Markets Department of Transelectrica. Last year, the company reported turnover worth 476m euros. For this year, Transelectrica officials forecast net income worth 45m euros.
Transelectrica is scheduled to invest 627.4m euros over the next eight years in infrastructure upgrade and modernisation and in creating market infrastructure. A 10% stake in Transelectrica stock is going to be floated on the Bucharest Stock Exchange.
The company, still held by the state, is getting close to the BSE in terms of headquarters, too. Transelectrica has rented and is going to move its offices to Millenium Business Center, an A-class office building located across the street from the Bucharest Stock Exchange, which is hosted by another office building, Modern Business Center.
Transelectrica is the first state-owned company that relocates to an A-class office building. The company made this decision at the end of last year.
"The reason that prompted us to make this decision is related to security issues, as well as to the need to consolidate the current headquarters. For us, having to move was a situation imposed by a real estate reality," specified Razvan Purdila.
According to Purdila, Millenium Business Center was chosen as the future location of Transelectrica operations due to the exceptional location of the building, close to the BSE, the National Energy Regulating Authority (ANRE) and OPCOM, the Romanian power market operator. Following Transelectrica's floatation, OPCOM is to become an independent institution.
"We believe we shall relocate by yearend, but this move has a temporary character and will be carried out over an intermediate period of five years," Purdila also said.
Transelectrica will rent over 3,000 square metres of A-class office space and the company's staff will fill four floors of the new building. "During this period, we will make a decision as to the future headquarters of the company," said Purdila.
Transelectrica
Posted H1 net income worth around 110 million RON
(31m euros), higher than the entire 2005 profit (namely
29.2 million euros)
Turnover reached 1.16 billion RON (327 million euros) in H1, while gross income was 135 million RON (38.1 million euros)
Expects net income worth 45m euros this year
Will invest 627.4 million euros over the next 8 years to upgrade and modernise infrastructure and to create market infrastructure
Will float a 10% stake on the BSE starting Friday
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